The report on the Global Elevator And Escalator Market published by Value Market Research states that the market was valued close to USD 107.0 BN in 2019 and is expected to reach USD 183.4 BN by 2026 with a CAGR of 8% within the forecasted period from 2020 to 2026.
The rise in the construction of airports, subways, commercial complexes and shopping malls has majorly driven the elevator and escalator market growth. The increase in the installations of elevators and escalators in high-rise buildings and sky-scrapers has further boosted the growth of the market. The rapid urbanization along with the increase in the count of retails and metro stations are also factors responsible for the growth of the elevator and escalator market globally. Besides, socioeconomic factors such as the rise in per capita income and the increase in the standard of living are also impacting the market growth positively. However, the high cost of installations may act as a limitation towards the growth of the global elevator and escalator market.
An elevator is a power-driven installation that operates in definite vertical guidelines and lifts up people or goods between floors of the building where it has been installed. Whereas, the escalator is a set of moving stairs that are electrically powered and is used to carry passenger upwards or downwards in subways, buildings and public utility areas. Both elevators and escalators are used to provide swift and convenient transportation between floors of the infrastructure.
The report “Global Elevator And Escalator Market Report By Product (Traction Elevator, Hydraulic Elevator, Climbing Elevator, Pneumatic Elevator And Escalator), By Application (Residential Building And Commercial Building) And By Regions - Industry Trends, Size, Share, Growth, Estimation And Forecast, 2019-2026” covers the market growth, trends and forecasts of the global elevator and escalator market. It also gives an in-depth outlook on the competitive landscape along with a listing of the key players of the market.
By product, traction elevator, hydraulic elevator, climbing elevator, pneumatic elevator and escalator are the segments of the global elevator and escalator market. Hydraulic elevators have dominated this segment owing to the benefits it provides such as its efficiency, cost-effectiveness, need to occupy less space and easy installation and maintenance.
By application, residential buildings and commercial buildings are the classifications provided for the global elevator and escalator market. Residential buildings have reportedly led this segment owing to the rise in the construction of high-rise and mid-rise residential apartments. The high disposable income and an increasing trend of nuclear families have further pushed the construction of residential buildings. The rise in the installation of elevators in residential buildings owing to the rise in the geriatric population and patients suffering from arthritis and other joint-related disorders has also boosted the market.
North America, Europe, Asia Pacific, Latin America and Middle East & Africa are the regional segments of the global escalator and elevator market. Asia Pacific has led this segment by accounting for a major market share. The rapid urbanization and industrialization in developing countries are driving the growth of the market. Also, the high population density, the rise in disposable incomes and the increase in the standard of living are a few of the prominent factors stimulating the regional market growth.
The Report Segments Global Elevator And Escalator Market -
Players Profiled In the Report:
Fujitec, Hitachi, Hyundai, Kone Elevator, Mitsubishi, Otis, ThyssenKrupp and Toshiba
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